Designed to Develop and Assess your Communication Skills - Commenced an Investigation into Defiant Ltd - Accounting Assignment Help

Assignment Task :

Learning Outcomes and Scope 

This assignment is designed to develop and assess your communication skills as well as your ability to apply knowledge, concepts, principles and techniques to accounting problems. This assignment is based on topic 4, in which the accounting policy decision model was introduced, drawing on material covered in topics 1 – 3. The questions are based on steps 2, 3 and 4 of the accounting policy decision model. You will be assessed on how well you answer the questions.

Questions about the assignment Questions about the assignment will only be considered if you post them on the Discussion Board on MyUni so that the responses provided by staff are accessible to all students in the course. When posting to the Discussion Board please give your post a meaningful topic title so that other students can locate it. Tutors and lecturers will NOT discuss the assignment with you during consultations or tutorials. 

Case: Underpaid Workers 

During January 2020, the Fair Work Commission1 commenced an investigation into Defiant Ltd for underpayment of wages. The Fair Work Commission is expected to deliver its decision in October 2020. However, Defiant Ltd’s lawyers advised that it was likely that the Company would be required to compensate past and present employees for underpayment of wages. 

Defiant Ltd’s financial accountant estimated that the amount involved was in the range of $8,000,000 to $9,000,000. Of this amount, $1,000,000 relates to past employees. The financial accountant thought there might be some difficulty locating some former employees, and did some modelling to calculate the expected value of the cost of paying former employees to be $700,000. 

The Chief Executive Officer (CEO) thought the matter should be disclosed in the notes to the financial statements for the year ended 30 June 2020. However, the Chief Financial Officer (CFO) was not convinced and has asked you to do some preliminary work on the accounting problem. 

REQUIRED 

The word lengths are a suggestion only, i.e., they are no strict word limits for each part. 

a) What is the main accounting policy issue(s) that need to be resolved in relation to the alleged underpayment of wages? 

b) i) Which Accounting Standard is most relevant to the issue?  

ii) Identify one principle from that Standard that is relevant to the accounting policy issue that you identified in part

a) by providing a reference for that principle (e.g., AASB XXX, para. zz, or para. z1 and z2) AND explain why you chose that principle.

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